He is either drowning his sorrows in wine, or celebrating his freedom from the trappings of extreme wealth.

Julian Wright, 65, was one of Peter Wright’s three children to inherit Wright Prospecting and with it, a one-third cut of its iron ore royalty streams.

In January 1987, he sold his share to his brother and sister, Michael Wright and Angela Bennett, for $6.8 million. In a world devoid of a rapidly growing China, the iron ore sector in 1987 was battling through its toughest year since the early 1980s recession.

Prices had dipped below the $20 a tonne mark around the time of the transaction, compared with price highs recorded last year of more than $US170 per tonne.

The low prices meant the royalties were modest.

Julian Wright, who was himself an entrepreneur, pursued his riches overseas where he owned the master franchise for second-hand goods trader Cash Converters in several jurisdictions.

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He now owns a boutique Margaret River winery, which is an occupation that runs in the family.

His niece, Alexandra Burt, runs the high-profile Voyager Estate, which is a role she took on after the death of her father and Julian Wright’s brother, Michael.

Julian Wright declined to be interviewed.

As iron ore prices improved, and then skyrocketed in recent years, the royalty stream would go on to underpin billion dollar-plus empires for all who received it.

In 2001, Julian Wright’s son and daughter, Timothy and Natalie, started proceedings against their aunt and uncle, Angela Bennett and Michael Wright. They believed that under the terms of their grandfather’s will, an 11 per cent stake in Wright Prospecting, or one-third of their father’s original one-third share, should have been preserved for them in the estate until they turned 21.

Litigation funder IMF bankrolled the court action and the settlement is thought to have handed the children about $50 million.